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View Diary: Game Theory: A Very Short Introduction by Ken Binmore (41 comments)

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  •  That's mystifying to me. (1+ / 0-)
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    lone1c

    The limit of game theory is that it doesn't tell you what decisions to make, as I understand it.  

    It's better to curse the darkness than light a candle. --Whoever invented blogs, c.1996

    by Rich in PA on Mon Jun 06, 2011 at 07:51:47 AM PDT

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    •  It doesn't tell (5+ / 0-)
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      Loge, Shockwave, lovelylight, lone1c, annieli

      you which decisions to make, but describes why certain decisions are made over others.

      Inconceivable! You keep using that word. I do not think it means what you think it means.

      by hopeful on Mon Jun 06, 2011 at 08:17:55 AM PDT

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      •  Yes, that's it (2+ / 0-)
        Recommended by:
        lone1c, annieli

        Alas, some decisions are made over other because of cognitive biases and it's hard to work those into the rational choice discussion.

        It's better to curse the darkness than light a candle. --Whoever invented blogs, c.1996

        by Rich in PA on Mon Jun 06, 2011 at 08:26:39 AM PDT

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        •  My favorite example (2+ / 0-)
          Recommended by:
          lone1c, raboof

          was watching an econ major in college -- a quiet guy, but kind of intense -- watching wheel of fortune.  Out of nowhere, he screams "Why the F--- would you buy a vowel when you know what it is!"  

          He had a point.

          "This world demands the qualities of youth: not a time of life but a state of mind[.]" -- Robert F. Kennedy

          by Loge on Mon Jun 06, 2011 at 08:49:54 AM PDT

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